272 Deer Run

Lima, OH 45807

$85,000B-

3 bd · 2.0 ba · 1,165 sqft · Built 2022 · Manufactured · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,625/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$530
• Vac / Maint / Mgmt: −$341
• Net cashflow: $167/mo
• Annual: $1,999/yr
• Cap rate: 8.64%
• Cash-on-cash: 8.40%
• DSCR: 1.37
• 1% rule: 1.91%
• Cash to close: $23,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $85k. Condition is rated good.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• It's been on market 181 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#787 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Elida Local (rural): math 59% / reading 59% proficiency, ranked #311 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elida Elementary (math 73% / reading 61%, grade B+, #456 of 1,584 statewide, top 31%, 1,018 students, 56% FRL); Elida Middle School (math 56% / reading 57%, grade B, #313 of 654 statewide, top 48%, 537 students, 59% FRL); Elida High School (math 47% / reading 62%, grade C-, #303 of 781 statewide, top 42%, 628 students, 42% FRL).
• Watch-outs: HOA is 33% of rent.
• Market conditions: 53 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.